Have you ever wondered what it would be like to have a mentor watching over your shoulder helping you pick the right trades? Below is a snippet from this weeks weekly analysis from our resident professional forex trader Marc Walton.
Last week saw yet more positive $USA data. Ongoing Brexit comments by senior politicians helped the Gbp, though nothing has been decided and no one knows the details! This makes trading the Gbp very difficult right now and to a lesser extent the Euro.
Junker last week admitted that a no deal would also be bad for the Euro. I explain in the video the problems this is causing us and how best to deal with it. On a simplistic level; do not be in more than one Gbp trade at a time and do not trade Euro & Gbp crosses at the same time either.
I am only looking to trade from the edges/strong areas with as many reasons as possible right now.
Cad I warned last week about not trading the Cad. Nothing has changed, better opportunities elsewhere.
Euro/$: If it gets back up to 1.1720 I will short it. if that breaks I need a daily candle to close above 1.1820 before I start to think about a long. Fundamentals don’t support the long plan, but with Brexit anything is possible right now.
Aud: Despite good data fell again 0.7230 is the main area for me. If you are trading intraday 0.7150 is a strong area, but not for me.
GBP/$ : Be very careful because of Brexit, best advice is half your usual stake on any Gbp pairs. 1.3290 is the area for me to short. If it breaks and clsoes above 1.3300 on a dialy I will look to long, Other than that watch and wait.
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